April 2009 - Today's economic situation has been most recently likened to that of the Great Depression. Since that 80-plus-year-old record downturn, however, there have been 11 recessions with equally dramatic stats. FFJournaloffers the cyclical nature of the economy, as shown in GDP and unemployment rates, for further comparison.
The 9/11 Recession (March 2001 - November 2001)
GDP fell 0.3 percent Unemployment: 5.5 percent
Cause: Collapse of the dot-com bubble, the 9/11 attacks and accounting scandals at major U.S. corporations.
The Gulf War Recession (July 1990 - March 1991)
GDP fell 1.5 percent Unemployment: 6.8 percent
Cause: High oil prices, NAFTA pushing manufacturing offshore and the attempted leveraged buyout of United Airlines.
The Iran/Energy Crisis Recession (July 1981 - November 1982)
GDP fell 3.6 percent Unemployment: 10.8 percent
Cause: Regime change in Iran forced energy prices up while U.S. monetary policy forced prime rate past 20 percent.
The Energy Crisis Recession (January 1980 - July 1980)
GDP fell 1.1 percent Unemployment: 7.8 percent
Cause: Confidence crises and inflation from rising interest rates.
The Oil Crisis Recession (November 1973 - March 1975)
GDP fell 3.6 percent Unemployment: 8.8 percent
Cause: Stagflation caused by the quadrupling of oil prices and high government spending on the Vietnam War.
The Rolling Adjustment Recession (April 1960 - February 1961)
GDP fell 2.4 percent Unemployment: 6.9 percent
Cause: Decline in GNP and overall product demand caused by a shift toward buying compact, foreign automobiles
The Eisenhower Recession (August 1957 - April 1958)
GDP fell 3.3 percent Unemployment: 6.2 percent
Cause: Rising prices and worldwide recession.
The Post-Korean War Recession (July 1953 - May 1954)
GDP fell 2.2 percent Unemployment: 2.9 percent
Cause: Spiked interest rates and tightened monetary policy.
The Post-War Recession (November 1948 - October 1949)
GDP fell 1.1 percent Unemployment: 5.9 percent
Cause: Jobs competition between returning veterans and civilian workforce.
The Union Recession (February 1945 - October 1945),br> GDP fell 11 percent Unemployment: 1.9 percent
Cause: Demobilization of the military, slow transition to civilian manufacturing, minimum wage rising and tight credit.
The Roosevelt Recession (May 1937 - June 1938)
GDP fell 3.4 percent Unemployment: 19.1 percent
Cause: The New Deal, particularly its social security insurance deductions pulling $2 billion out of circulation.
